INFO THAT HITS US WHERE WE LIVE & OUR SURROUNDING AREAS
... Last week, we were visited by some housing market reports that clearly gave pleasure on arrival. The Mortgage Bankers Association (MBA) told us purchase applications jumped 8% from the week before, to their highest level since last October, and their second highest level in six years.
That MBA Weekly Applications Survey for the week ending April 8 also reported refinance applications were up 11% from the prior week, reaching their highest level since February. This was all helped no doubt by national average fixed mortgage rates continuing to come in near historical lows.
The MBA's March Builder Applications Survey showed mortgage applications for new home purchases went up 17% month-over-month, as new single-family home sales hit an estimated annual rate of 574,000 units.
Another index reported the annualized rate of potential existing home sales hit 5.8 million in March, a 90.9% gain from their December 2008 low point, but still 9.7% below their July 2005 pre-recession peak.
These national trends are encouraging, as a rising tide eventually lifts all boats, but real estate is local. The Fed's Beige Book did report construction and real estate activity expanding nationally, though the results were mixed across the 12 Fed districts.
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